Wolverine World Wide Acquires Activewear Brand Sweaty Betty For $410 Mln In Cash - Quick Facts

(RTTNews) - Wolverine World Wide, Inc. (WWW), which operates one of the world's largest portfolios of footwear and lifestyle brands, announced Tuesday that it has acquired Sweaty Betty, a global fitness and lifestyle brand on a mission to empower women. The all-cash transaction is valued at approximately $410 million and closed on Monday.

Founded in 1998, Sweaty Betty has quickly grown to become a global brand designed by women for women.

Wolverine Worldwide acquired all the shares of Lady of Leisure InvestCo Limited, the entity that owns the Sweaty Betty brand, from L Catterton and other shareholders. It was funded by cash and the Company's revolving line of credit. It is expected to be accretive to earnings in year one.

The acquisition of Sweaty Betty complements the company's strategic shift over the last several years from a traditional footwear wholesaler into a consumer-obsessed, digital-focused growth company. It also gives them a leadership position in the growing women's activewear category.